Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company faced short-term pressure with a revenue of 1.868 billion yuan in 2024, a year-on-year decrease of 1.71%, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [3][7]. - New channels are highlighted as a growth driver, with direct sales revenue increasing by 4.34% to 809 million yuan, while distribution channel revenue decreased by 6.04% to 1.051 billion yuan [4]. - The company is expanding its customer base, with the number of major clients increasing by 8.81% to 173, while the number of distributors rose by 26.74% to 1,953 [4]. Revenue and Profitability - The company’s revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by increased demand for prepared dishes [5]. - The gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year, and the selling expense ratio increased by 0.72 percentage points to 5.40% due to heightened competition [6]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are projected to be 93 million yuan, 104 million yuan, and 113 million yuan, respectively, with corresponding EPS of 0.95, 1.07, and 1.16 yuan [7][13]. - The current stock price corresponds to PE ratios of 28, 25, and 23 for the years 2025, 2026, and 2027 [7].

事件：4 月26 日，千味央厨发布2024 年年报及2025 年一季报，2024 年实现营收18.68 亿元，同比减少 1.71%；实现归母净利润0.84 亿元，同比减少37.67%。25Q1 实现营收4.70 亿元，同比增长1.5%；实现 归母净利润0.21 亿元，同比减少37.98%。 盈利预测：公司持续深耕餐饮供应链，重视研发创新，为各类型客户提供专属化的产品解决方案和服 务。由于消费者对于餐饮消费整体趋于理性，以及对性价比追求愈发强烈，导致上游餐饮客户压力较 大。面对激烈的市场竞争，公司在优势渠道餐饮类B 端客户的基础上，结合KA 商超调改的行业趋势， 协助经销商扩充商超熟食区的产品销售，同时利用线上线下相互赋能的销售模式，辅以各类推广活动帮 助经销商动销。预计公司25-27年实现营业收入19.52/20.86/22.95 亿元，同比增长4.5%/6.87%/10%；实现 归母净利润0.88/0.96/1.08 亿元，同比增长5.48%/8.56%/12.75%。PE分别为29.8/27.45/24.35x，维持"推 荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期； ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company experienced a revenue decline of 1.71% year-on-year in 2024, with total revenue reaching 1.868 billion yuan. The net profit attributable to shareholders decreased by 37.67% to 84 million yuan [3]. - The company is facing short-term pressure, but new channels are seen as a bright spot for growth [4][7]. - The company has expanded its customer base, increasing the number of major clients to 173, which is an 8.81% year-on-year increase [4]. Revenue and Profitability - In 2024, the company's revenue from direct sales was 809 million yuan, up 4.34% year-on-year, while revenue from distribution channels fell by 6.04% to 1.051 billion yuan [4]. - The company’s gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year [6]. - The company’s sales expense ratio increased by 0.72 percentage points to 5.40% due to intensified competition and increased marketing efforts [6]. Product Performance - Revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by strong demand for prepared foods [5]. - The company’s revenue from prepared dishes and other products increased by 21.84% to 360 million yuan, indicating a growing market for prepared foods [5]. Future Earnings Forecast - The company’s net profit is projected to be 93 million yuan in 2025, 104 million yuan in 2026, and 113 million yuan in 2027, with corresponding earnings per share (EPS) of 0.95, 1.07, and 1.16 yuan respectively [7][13].

01 中午十二点半，我们公司楼下的老乡鸡又排起长队。 看着明档厨房里厨师抡大勺的动作，突然有点心疼老乡鸡了，15块钱的现炒小炒肉，性价比确实高。 毕竟锅里飘出食材本真的味道，而不是预制菜的塑料包装味。 以前打工人的午餐选项，堪称"地狱级三选一"： • 点外卖？相当于花钱开盲盒：骑手可能比你老板还懂迟到的艺术，商家后厨可能比你出租屋的卫生间 还脏乱，最绝的是永远吃不出肉味的"料理包刺客"，微波炉叮一下就能卖25，比你月薪的涨幅稳定多 了。 •带饭？凌晨起床备菜像在搞副业，餐盒在通勤路上和地铁早高峰Battle，最后在微波炉里喜提"冰箱 味"豪华套餐，吃得像在完成今日份生存任务。 •下馆子？单人座堪比春运火车票，服务员看你一个人点菜的眼神像在看异类，结账时菜单上的小数点 能让你怀疑人生——AA制是打工人最后的倔强，但总不能天天找搭子吃饭吧！ 去年，一批餐饮老板和餐饮品牌突然觉醒，瞬间就懂了这届打工人想要什么。老乡鸡、乡村基、大米先 生、南城香、红功夫、小菜园... ... 全国各地低价现炒杀了出来：20元不到，一荤一素一汤，菜是现切的，肉是现炒的，汤是现熬的，10分 钟上桌，15分钟吃完，还能顺便看厨师表演"铁锅 ...

截至4月28日收盘，小红书概念上涨0.08%，位居概念板块涨幅第9，板块内，23股上涨，天娱数科、狮 头股份、ST联合等涨停，科华数据、青木科技、挖金客等涨幅居前，分别上涨7.53%、5.99%、3.97%。 跌幅居前的有中广天择、易点天下、锦和商管等，分别下跌9.07%、4.77%、3.90%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 1.75 | 租售同权 | -4.65 | | 可燃冰 | 1.72 | 乳业 | -4.12 | | 电子竞技 | 0.92 | 赛马概念 | -3.31 | | 云游戏 | 0.62 | 中韩自贸区 | -3.27 | | Sora概念(文生视频) | 0.39 | 天津自贸区 | -3.22 | | 特钢概念 | 0.19 | 房屋检测 | -3.16 | | 培育钻石 | 0.16 | 物业管理 | -3.03 | | 电子纸 | 0.10 | 预制菜 | -2.98 | | 小红书概念 | 0.08 | 化债概念(AMC概念) | -2.7 ...

天津自贸区概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600800 | 渤海化学 | -4.82 | 6.29 | -1703.30 | | 300119 | 瑞普生物 | -1.30 | 3.41 | -1613.12 | | 600751 | 海航科技 | -3.73 | 2.02 | -1413.14 | | 000897 | 津滨发展 | -5.86 | 4.00 | -1334.13 | | 600821 | 金开新能 | -1.22 | 1.35 | -1236.21 | | 600717 | 天津港 | 0.22 | 0.63 | -990.01 | | 600322 | 津投城开 | -6.49 | 3.44 | -218.12 | | 000965 | 天保基建 | -9.94 | 20.97 | -57.61 | | 600082 | 海泰发展 | -2.00 | 2.92 | -24.61 | | 002134 | 天津普林 | -6.42 | 5.20 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [7][22]. Core Views - The company continues to face operational pressure, but is focusing on new product growth to drive recovery. Despite a slight decline in revenue for 2024, there is a positive outlook for 2025 as the company aims to enhance product structure and optimize channel efficiency [7][8]. - The company reported total revenue of 1.87 billion yuan for 2024, a year-on-year decrease of 1.7%, and a net profit of 0.08 billion yuan, down 37.7% year-on-year. In Q1 2025, revenue increased by 1.5% to 0.47 billion yuan, but net profit decreased by 38.0% [7][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 1,868 million yuan - Year-on-year growth: -1.7% - Net profit: 84 million yuan - Year-on-year growth: -37.7% - Gross margin: 23.7% [7][8]. - **2025 Financial Projections**: - Total revenue expected to reach 1,942 million yuan, with a growth rate of 4.0% - Net profit projected at 104 million yuan, with a growth rate of 23.7% - Earnings per share (EPS) forecasted at 1.07 yuan [7][11]. - **Long-term Projections**: - Revenue expected to grow to 2,137 million yuan in 2026 and 2,357 million yuan in 2027, with corresponding net profits of 124 million yuan and 144 million yuan [7][11]. Product and Market Insights - The core product lines are under pressure, with specific categories showing varied performance: fried products down 11.9%, baked goods down 4.3%, steamed products up 5.4%, and dishes up 21.8% [7]. - The company is focusing on expanding its frozen prepared dishes and baked goods segments, with significant investment in production resources and R&D to meet customer demand [7][8]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to be 31 for 2024, decreasing to 25 in 2025, and further to 21 in 2026, indicating a positive trend in valuation as earnings improve [7][11]. - The target price is set at 28.9 yuan, corresponding to a P/E of 27 for 2025 [7][8].

近年来，安徽省宿州市依托农业资源优势，按照"5+4+1"产业布局，坚持高起点布局、高标准推进、高 质量落实，加快推进预制菜产业高质量发展。截至目前，全市培育预制菜生产企业近200家，开发了面 食类、肉蛋类、果蔬类和预制菜肴四大类50多个系列1000多个预制菜品种。 强化政策支持引领。宿州市出台《宿州市人民政府关于加快预制菜产业高质量发展的实施意见》，推出 一系列支持预制菜产业发展的政策措施，编制预制菜产业发展规划，明确产业布局和目标定位，以高起 点规划引领预制菜产业高质量发展。在全省率先出台支持政策，率先建成预制菜产业园，率先制定预制 菜团体标准，率先成立预制菜学会。加强预制菜标准化建设，鼓励引导企业主导或参与预制菜国家标 准、行业标准和地方标准修订。先后制定出台宿州市速冻预制菜肴等多项团体标准，对速冻预制菜原 料、加工工艺、微生物指标、添加剂指标、农药残留指标等作出统一规定，明确速冻预制菜原料应保证 源头食材新鲜且符合相关标准，为预制菜质量安全提供标准支撑。 培育壮大产业集群。按照"5+4+1"产业布局，宿州市坚持种养一块抓、粮肉一块抓、头尾一块抓，做 好"粮头食尾""畜头肉尾""农头工尾"增值大文章。重点 ...

中国商报（记者 贺阳）近日，据港交所披露，绿茶集团有限公司（以下简称绿茶集团）通过港交所主 板上市聆讯，花旗、招银国际为联席保荐人。在业内有"初代网红"餐厅之称的绿茶集团曾多次递表欲上 市，但均未成功登陆资本市场。业内人士认为，今年新茶饮品牌纷纷上市，在一定程度上为餐饮品牌上 市注入了"强心剂"，但从招股书数据来看，绿茶集团翻台率及客单价等核心指标呈现下滑趋势，即便成 功上市，企业仍面临品牌老化、行业竞争激烈等挑战。 今年计划开150家餐厅 在过去三年里，绿茶集团开店与闭店的数量都在不断增加。2022—2024年，其新开餐厅分别为47家、89 家、120家；同期，其关闭餐厅分别为7家、5家、15家。 此外，从客单价、翻台率、同店销售额这几大重要指标来看，绿茶集团的经营数据呈现下滑趋势。招股 书可见，绿茶餐厅的整体人均消费由2023年的61.8元减少至2024年的56.2元；公司的整体翻台率由2023 年的3.30次下降至2024年的3.00次；同店销售额增长率为-10.3%，而上一年同期则为26.2%。 从不同区域的市场表现来看，绿茶集团的收入可分为华东、广东、华北以及其他地区。去年，绿茶来自 华东和其他地区 ...